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| SPONSOR: | Robinson | DATE TYPED: | 03/29/00 | HB | |||
| SHORT TITLE: | Invest in Films Produced in NM | SB | 7 | ||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
| Indeterminate | STPF | |||
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
State Investment Council (SIC)
SUMMARY
Synopsis of Bill
This bill sets forth that up to 0.5% of the market value of the Severance Tax Permanent Fund (STPF) may be invested in New Mexico film venture capital funds. No more than $7.5 million shall be invested in any one New Mexico film venture capital fund. The films must be produced wholly or in part, in New Mexico.
FISCAL IMPLICATIONS
While neither the State Investment Council staff nor the venture capital advisors are aware of the existence of any venture funds that focus on investing in film projects, this bill may provide substantial incentive for such funds to be found and/or created. Until that time, there will be no impact the Severance Tax Permanent Fund.
JE/gm